According to the most recent data from Statista Consumer Insights, 63% of bank account holders handled a financial transaction on their smartphone or tablet as of the first quarter of 2024. A survey from Forbes Advisor found that 72% of consumers felt that having no fees was the most crucial feature when searching for a new checking account. While mobile banking has become more popular, there can still be times when you forget to review your checking balance and may not go through your accounts as often as you should.
We contacted financial and banking experts to determine how often you should check your checking account balances.
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How Often Should You Check Your Checking Account?
“Ideally, you should check your checking account balance around once a week,” said Scott Lieberman, founder of Touchdown Money. “If you’re struggling financially or you make a lot of transactions, you might want to look a little more often, and you can look less often if you don’t have very many transactions in a typical statement period.”
You should make a habit of checking your banking account weekly to review the details and your spending. This will ensure that you have the funds for upcoming bills while reviewing previous transactions. If you know that you have your bank account connected to your smartphone or watch for frequent purchases, you’ll want to be more thorough in your reviews.
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Grace Moser, a financial expert and owner of the women’s lifestyle blog Chasing Foxes, echoed a similar sentiment, “I feel that it’s best to check it at least once a week because it’s going to help you grow in mindfulness about how much money is leaving your account.”
It’s easy to get caught up in life and not realize how much money you’re spending. You don’t want to overspend or go into overdraft because you didn’t make the time to review your balance.
Moser elaborated, “It might make you think twice before you make an impulse purchase and encourage savings growth.”
Reviewing your checking account balance once per week will also force you to stay accountable for your spending, as you’ll be reminded of your purchases.
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“Checking your checking account is like checking the weather — do it regularly, but don’t obsess over it,” said Tyler Meyer, a CFP and founder of RetireToAbundance.com. “I’d say once a week is a good rhythm for most people because you can keep an eye out for any unexpected transactions, make sure you’re staying on budget, and ensure everything’s running smoothly without driving yourself nuts by checking it constantly.”
The experts agree you should review your checking account at least once weekly to ensure everything is on track. However, there are times when you may want to review your checking account more often since we all have different financial situations.
When You Should Check Your Account More Often
“I encourage my members to check their accounts every day or at the very least set up alerts on their accounts,” said Jeremy Swan, an assistant vice president and branch manager with Addition Financial Credit Union.
If you have financial issues or if you feel that you have a spending problem, you’ll want to track your finances more diligently by checking in frequently. This will help you stay on track and ensure you’re not overspending.
Swan elaborated, “If you have alerts set up, that can give you peace of mind that you don’t have any surprises or unwanted transactions.”
If checking in too often stresses you out, you can always set up automatic alerts to notify you when a purchase is made or when your account drops below a specific limit.
Of course, if you’re living paycheck to paycheck or have a lot of transactions, you might want to check more often, but for most, weekly works well,” Meyer added.
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What To Look For When Checking Your Banking Account
Here’s what you should look for when you review your checking account.
Any Possible Mistakes
“Merchants can and sometimes do accidentally charge customers twice for items,” Lieberman said. “So, checking transactions limits your risk of getting victimized by an error.”
You should review your transactions to ensure that they’re all accurate. You don’t want to find any issues after it’s too late.
Spending Problem Areas
Lieberman noted that when you look at your checking account, you want to check your balance to be sure nothing looks off. If you’ve been tracking your spending and budget as you should, your numbers should match your balance.
Subscriptions You Forgot About
Moser pointed out that reviewing your checking account at least once per week will help you keep track of your subscriptions. You may find that you’re still paying for a service you’re no longer using or could inquire about a cheaper plan. Checking in weekly will allow you to stay on top of your subscriptions and fixed expenses to see if anything surprising comes up.
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Your Financial Goals
When reviewing your checking account balance, the final thing to do is determine if you’re on track with your financial goals. Your daily and weekly spending habits will dictate your savings and whether you reach your financial goals or not. The weekly check-ins will show you any potential issues preventing you from saving up for the downpayment or investing in your retirement.
